Wockhardt posts Q3 net loss of Rs 53.91 crore

Homegrown pharma firm Wockhardt Ltd today reported a consolidated net loss of Rs 53.91 crore for the third quarter ended December 31, 2016, hit by subdued US business and demonetisation in India.
The company had posted a consolidated net profit of Rs 72.04 crore in the same quarter last fiscal, Wockhardt Ltd said in a BSE filing.
Net sales during the quarter under review were down 7.35 per cent at Rs 995.56 crore as compared to Rs 1,074.51 crore in the year-ago period, it added.
"The company's performance during the quarter was affected by subdued business in the US market, demonetisation in India and continued remediation costs," it said.

India business during the quarter declined by 18 per cent compared to the preceding quarter mostly on account of demonetisation, it said, adding three new products were launched in India during the period.
Wockhardt said it continued to focus on research and development with quarterly spend at Rs 100 crore (10 per cent of sales), while its capital expenditure was at Rs 110 crore, it added.
The company made two new filings in the period under review taking the cumulative ANDA's pending applications for approval at 81.
Shares of Wockhardt ended the day at Rs 682.40 apiece, up 1.76 per cent from the previous close on the BSE.